Welcome to the International Skeptics Forum, where we discuss skepticism, critical thinking, the paranormal and science in a friendly but lively way. You are currently viewing the forum as a guest, which means you are missing out on discussing matters that are of interest to you. Please consider
registering so you can gain full use of the forum features and interact with other Members. Registration is simple, fast and free! Click here to register today.

Location: Connecticut, or King Arthur's Court. Hard to tell sometimes.

Posts: 25,055

Originally Posted by Fudbucker

Apple's throwing their hat in the ring???

I thought I might buy a few bitcoins, just like buying a few lottery tickets, but it looks like that ship has sailed.

BTC might still have value as a speculative investment, but anyone who believes that it will ever have any great utility as a currency has to view the arrival of Apple Pay with great alarm. Why would anyone use BTC when a widely accepted, secure, stably-valued alternative is available?

Just to put this silly nonsense to rest, currency notes make for very lousy toilet paper - especially the plastic variety that are used in Australia and other parts of the world. I wouldn't be burning them in the fireplace either since I don't know what noxious fumes would be produced.

If hyperinflation or some other problem rendered currency notes worthless, they would have no use whatsoever. Rather, disposing of the old notes would be the problem.

__________________As Einstein once said, "If you can't think of something relevant to say, just make something up and attribute it to some really smart dead guy.""I find your lack of pith disturbing," - Darth Rotor..........
Don't be offended. I'm not calling you a serial killer. -- Ron Tomkins.

Well done. You found another shortcoming of bitcoin; you can't collect defunct bitcoins and keep them as souvenirs.

I just wonder how many of those notes Zimbabwe had to dispose of before the remaining ones had any value as a collector's item.

Trillions of 'em, I'd imagine.

__________________As Einstein once said, "If you can't think of something relevant to say, just make something up and attribute it to some really smart dead guy.""I find your lack of pith disturbing," - Darth Rotor..........
Don't be offended. I'm not calling you a serial killer. -- Ron Tomkins.

Saw this on Gizmodo: Large BTC mining op in Thailand went up in flames due to shoddy wiring (they deny this, but the images speak for themselves). Big enough to cause a drop in global mining rates. Equipment uninsured.

__________________A question is asked of a scientist and a woo peddler: "Why does this do that?"
The scientist responds, "I don't know, let's find out," and begins observing.
The woo peddler responds, "It must be mystical in nature," and declares victory.

One touch to pay with Touch ID. Now paying in stores happens in one natural motion — there’s no need to open an app or even wake your display thanks to the innovative Near Field Communication antenna in iPhone 6. To pay, just hold your iPhone near the contactless reader with your finger on Touch ID. You don’t even have to look at the screen to know your payment information was successfully sent. A subtle vibration and beep let you know.

Maybe he misunderstood your meaning. You didn't specify that the payments around the world were to be made remotely. Possibly he's saying that payments can be made around the world in person (ie, when traveling).

__________________"That is just what you feel, that isn't reality." - hamelekim

Maybe he misunderstood your meaning. You didn't specify that the payments around the world were to be made remotely. Possibly he's saying that payments can be made around the world in person (ie, when traveling).

The mining difficulty continued on its never ending climb upwards during October (the fire was on October 14).

There is a dip around Oct 14, but you are right, the trend is upward. I got that information from the original article I found before reading Gizmodo.

__________________A question is asked of a scientist and a woo peddler: "Why does this do that?"
The scientist responds, "I don't know, let's find out," and begins observing.
The woo peddler responds, "It must be mystical in nature," and declares victory.

Maybe just the principle of it. Some people don't like their every move recorded and stored.

Isn't that what the block chain is all about though? Storing your information and sharing it with everyone so that you can determine who owns which coin so you can't refill your wallet by simply restoring to a backed up version of it.

Because if you can't trust strangers on the internet who can you trust.

Maybe just the principle of it. Some people don't like their every move recorded and stored.

There is also the issue of being able to trust the authorities to handle the information it has on you appropriately. How do you know that they won't disclose information about you to somebody who has a grudge against you? Somebody who uses a hooker may not want to share that information.

Then there is the fact that the more the government knows about the way you use money, the greater the ability it has to control what you are allowed to use your money for. Do we really want to answer to the government for every penny we spend?

__________________"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

Isn't that what the block chain is all about though? Storing your information and sharing it with everyone so that you can determine who owns which coin so you can't refill your wallet by simply restoring to a backed up version of it.

No.

__________________"The process by which banks create money is so simple that the mind is repelled. Where something so important is involved, a deeper mystery seems only decent." - Galbraith, 1975

Location: Connecticut, or King Arthur's Court. Hard to tell sometimes.

Posts: 25,055

Originally Posted by Tippit

This bit of news should make jhunter absolutely gleeful: <snip>

That's not going to have much effect on BTC. If China were to ban it, the effect would be much more profound. Frankly, though, the arrival of the major players will do more to hasten the demise of Bitcoin than anything else. Can you short BTC?

__________________"Don't be too offended by the likes of him - I hear he doesn't even own ascots." -JoeyDonuts
"I must be more tired than I thought. Howie, you are starting to make sense." -MG1962
"You're a mean old evil cynic. And mean." Halfcentaur
"...wing collars are like an ocular violation."-TubbaBlubba

That's not going to have much effect on BTC. If China were to ban it, the effect would be much more profound. Frankly, though, the arrival of the major players will do more to hasten the demise of Bitcoin than anything else. Can you short BTC?

If you're able to find someone who is willing to lend you their bitcoin, then obviously you can sell it short.

__________________"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
- Lord Acton

__________________Almo!My Blog
"No society ever collapsed because the poor had too much." — LeftySergeant
"It may be that there is no body really at rest, to which the places and motions of others may be referred." –Issac Newton in the Principia

I can't tell from this if they're accepting it directly, or using Coinbase to lay off the volatility risk. They might accept it directly; Uncle Bill probably has enough money between the cushions of his couch to absorb any losses he might take. Still, though, the arrival of Apple Pay and similar services will relegate BTC to a niche product (at best).

This forum began as part of the James Randi Education Foundation (JREF). However, the forum now exists as an independent entity with no affiliation with or endorsement by the JREF, including the section in reference to "JREF" topics.

Disclaimer: Messages posted in the Forum are solely the opinion of their authors.